Posts

625 Cochrane Drive on KRP's anniversary

KRP LLP: Celebrating our 50th anniversary and a new office location

There are relatively few businesses that have the pleasure of celebrating a 10-year anniversary, let alone 50. We’re very proud to join that latter club as KRP LLP marks a half-century providing accounting, assurance, tax and consulting services to entrepreneurs across all industries. We’re also very excited to announce our upcoming move to a new […]

transport truck and personal services businesses

CRA is scrutinizing personal services businesses. Here’s why

As devastating as the global pandemic has been, it did create a new way of thinking for businesses large and small. Remote work became common, Zoom calls the norm and businesses of all sizes shifted their workflow, both to accommodate lockdown restrictions and the evolving work preferences of their employees. At the same time, a […]

person holding a phone showing employee stock options

August tax news: Employee stock options, understanding GAAR–and more

EMPLOYEE STOCK OPTIONS   Many readers are likely aware how these employee stock options work. In general terms, if you are an employee and are granted a stock option from your employer corporation, you have the right (but not an obligation) to exercise the option and acquire shares in your employer’s corporation at an “exercise […]

Government of Canada benefits

CRA’s prescribed rate set to increase again in Q4 2022

In the wake of its doubling on July 1st, 2022, the Canada Revenue Agency’s prescribed rate will increase to 3 per cent on October 1st of this year. The rate, which sets interest rates for everything from tax refunds to outstanding tax debts, is currently set at 2 per cent. The prescribed interest rate is determined […]

RRSP savings

April tax news: RRSP vs. TFSA benefits, gains and losses on personal property–and more

RRSP VS. TFSA – WHICH IS BETTER? This is a question that comes up regularly in financial planning and tax planning circles. But before we attempt to answer the question, we need to know the difference in the tax treatment between these plans. Although some commentators call the first 60 days of the year the […]

Taking the Common Final Examination

Congratulating this year’s successful class of Common Final Examination writers

Every year we have the opportunity to welcome new team members to the KRP LLP family. And every year we’re reminded of the wealth of talent across Canada’s accounting industry—not to mention the passion and commitment to service excellence that these young professionals bring to our firm and our sector. Their dedication is truly inspiring. […]

employee retention

Why your best business investment could be employee retention

In the old days (e.g., prior to the coronavirus pandemic), many organizations dedicated a less-than-optimal percentage of their HR resources to employee retention. Why bother working to retain staff when new employees were lining up for their positions? Even then, top employers understood that it not only makes more financial sense to retain and engage […]

July tax news: Non-arm’s length property transfers, superficial losses–and more

NON-ARM’S LENGTH PROPERTY TRANSFERS Overview There are special rules under the Income Tax Act (the “Act”) that apply to property transfers to a non-arm’s length person. The rules, discussed below, can override the actual proceeds or sales price received on the property transfers. For most purposes, “related” persons, as defined in the Act, are non-arm’s […]